Docs Sent to Borrower Before Signing for Review

I don’t understand why docs are not always sent to the borrowers before the signing. It seems like many borrowers are blindsided when they see the docs, not that they’re incorrect but the docs are new to them and they’re reluctant to sign. This adds so much time and energy to a signing and the borrowers are upset that they haven’t had a chance to review before signing. I get it that the loan/escrow process can be on a rush basis and the docs are not always sent for review but it seems to me this should be mandatory to simplifying the process for the borrower and the loan signing agent. Thoughts?

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I agree. Most title companies with an internet presence have a llibrary of pro-forma title documents including closing affidavits etc. I see no reason why the lenders can’t do the same. Having the form available to consumers prior to closing would not have any personal information on them and they would provide a way for consumers to anticipate what they will be presented with at the signing.

absolutely agree! if signer doesn’t want to take the time to review prior to signing appt, that’s their choice but it seems the parties only want to have signer quietly get out their pen and not ask questions. too many “what about this page?” questions in the process shorten their measurables: app-to-close, etc.

Documents and their “content” are proprietary. Teams of Attorneys work to produce them and craft them very carefully so as to create advantages for their clients. Ultimately (when dealing with lenders) lenders hold all the cards and make the rules. After all, borrowers need what they are offering. Nobody is twisting their arm. He who has the coin, makes the rules.

Actually, s/he who signs the documents and therefore creates the contract agreeing to pay interest makes the rules. Lenders hold all the cards? I respectfully disagree. How long would any lender last without borrowers? Lenders actively work to keep borrowers off balance and insecure during the loan process, thereby avoiding demands and negotiations that may reduce profit.

As for “twisting their arm”, that is where the ignorance factor comes in. We help to fight that ignorance factor by clearly explaining the purpose of each document as we present it for signing. However, the borrower is not our client. So the balance is once again out of favor for the borrower, because we - the individuals personally representing the process to them - are paid by the escrow firm who is paid by the lender.

With so very many lenders out there, the ignorance factor becomes even more important; borrowers feel grateful and relieved that an onerous process is finally complete. Despite their oft-stated annoyance and frustration, a majority return over and over to the same lender, rather than shopping around for better rates. Indeed, the process of gathering competing offers can be ruinous, because doing so may reduce a borrower’s credit rating!

Certain lenders currently send the docs to the borrowers prior to the signing/closing; however, I feel all lenders should embrace this practice. Actually, it should be federally mandated. For example, Quicken, the nations largest lender sends the packages to the borrowers in advance.

I feel, allowing the borrowers the opportunity to review the package before the closing is smart, transparent and proactive to avoid possible discrepancies, misunderstandings and ultimately, future delays.

As NSA’s, we are crucial in the process by providing a general description of each document, guiding borrowers through the signing, and ensuring each document is complete, fully executed and notarized.

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This has been the situation for years. It’s actually better now since covid because many title companies e.t.c. want the least amount of physical presence contact with notary. Most signers have seen most of the docs or even e signed many prior to my arrival. Printing packages are a bit smaller due to this also. The main thing I remind them (refi’s) is that they have minimum three days to review docs and go over any questions with their lender.

Actually it’s a MAXIMUM of three days. Three business days, that is.

I feel the industry is so backwards in general! All lenders and title companies like Quicken/Amrock should send the docs to the borrower in advance before the closing.

Additionally, having to print a second package is completely irrational and just right down inane.

In the past when all we had were fax machines, it made sense, but in 2021 to provide a blank package is just wasteful and completely insane!

I’ve had many encounters where the borrowers were told it would only take 30 minutes to close, only to see me unpack a 175-200 page Texas Refi. I’ve had one couple cancel the signing as they were heading out in an hour and didn’t have time to close a monster package.

When I initiate a closing I go through the “I’m not an Attorney” speech. At some point the signers get frustrated when I repeat the “not a lawyer” speech and want to know why the lender would send someone to close a loan who can’t provide answers.

I agree that the Doc Package should be sent to the borrowers prior to the scheduled closing. If there’s an error or misunderstanding on the size of the package they can be worked out before the signing takes place.

Lenders and Title can also remove the redundant documents, advertising, copies of emails helping to lighten the load and impact on the environment. (Virtue Signaling)

In response to Amrock. In my instructions for Hybrids, I always have to print a second packet 25-30 pages for borrowers. Not once have I come across where I am not required to print a copy for them. Still isn’t bad as it’s only 50-60 pages in total for hybrids. In the regular paper signings of 150 or more I ask for an extra printing fee and Amrock is super friendly and awesome about fulfilling my request. They appreciate and value notaries. Excellent company to work for I rate them to be the best and I make all of my money from their assignments.

When I was accepting assignments through other platforms it would range from 150 to 500 pages plus scan backs and they would not budge for higher payments. Maybe a couple were pretty good about increasing fees. I wasn’t going to wait around for a good paying assignment as I would go hungry. Amrock keeps me busy enough with assignments and with way less printing and no scan backs required. I have cut back on toner, paper and using my printer. It takes me 5 minutes to get a hybrid printed and all others 10 minutes tops.
Amrock is the way go and borrowers are very happy especially when going through quicken loans.

500 pages? I have been a notary for 30 years and never seen a 500 page package

Yep, that is including my copy and borrowers copy. It was actually 262 pages times 2. One was a purchase with a Heloc on another property and both were in a trust.

AMROCK - if you are printing the short packet for Hybrid closings, those are most likely Quicken Loan signings. They only require that you print one packet. The property documents that require wet signatures will be uploaded to the borrower’s portal after recording. They have access to all their documents through the portal. No need for a second packet for signers.

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